Fitch Withdraws Wachovia's CMBS and Construction Loan Servicer Ratings

CHICAGO--(BUSINESS WIRE)--Fitch Ratings has withdrawn Wachovia Securities' (Wachovia) CMBS and construction loan servicer ratings as follows:

--Primary servicer rating 'CPS2-';

--Master servicer rating 'CMS3+';

--Special servicer rating 'CSS2-';

--Construction loan servicer rating 'CCLS3+'.

The ratings withdrawal is based on the fact that there is insufficient information to maintain the ratings following the merger of Wachovia into Wells Fargo Bank (Wells Fargo). The CMBS loans formerly serviced by Wachovia are now serviced by Wells Fargo, a Fitch-rated CMBS primary, master and special servicer. Wells Fargo will no longer provide separate statistics for the Wachovia portfolio; therefore, Fitch will no longer maintain separate servicer ratings for the Wachovia platform.

The servicer ratings are based on the methodology described in Fitch's reports 'U.S. Commercial Mortgage Servicer Rating Criteria,' dated June 19, 2009, and 'Global Rating Criteria for Structured Finance Servicers' dated Sept. 30, 2009, available on Fitch's web site www.fitchratings.com.

Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating.

Additional information is available at www.fitchratings.com.

Related Research:

Global Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=469366

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=449886

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